Many countries have regulations that require firms to engage in minimum levels of corporate social activities in areas such as the environment and social welfare. In this paper, we argue that changes in a firm’s compliance with CS regulations are reflected in its reputation for corporate social responsibility, which affects the firm’s performance. The performance impacts depend on whether the firm’s CSR reputation in the current and prior periods is positive, neutral, or negative. Our theoretical framework draws on the reputation (...) literature and on the concepts of recency bias, which weights the present more heavily than the past, and negativity bias, which weights negative assessments more heavily than neutral or positive assessments. We test our hypotheses on a sample of 7317 banks over 1992–2007 where we compare a bank’s return on assets with its current and prior compliance ratings under the U.S. Community Reinvestment Act. We find that changes in CSR reputation have predictable, asymmetric, and sizeable impacts on firm performance. For example, for an average bank with $1 billion in assets, gaining a positive CSR reputation translates into a rise in profits of 4.04%; gaining a negative CSR reputation results in a drop in profits of − 7.8%. (shrink)

‘Mysticism means to isolate the eternal from the originated.’ This is not my definition of the word ‘mysticism’ but that of the founder of the ‘orthodox’ school of Muslim mysticism, Al-Junayd of Baghdad who flourished in the ninth century a.d . In actual fact it is not a definition of mysticism at all but of the Arabic word tawḥīd which means primarily ‘the affirmation of unity’; and that surely is an essential ingredient of any form of mysticism: it is the (...) affirmation through personal experience of unity either absolutely or in some qualified sense. (shrink)

As everyone knows, since the end of the Second World War there has been a sensational revival of interest in the non-Christian religions particularly in the United States and in this country. The revival has taken two forms, the one popular, the other academic. The first of these has turned almost exclusively to Hindu and Buddhist mysticism and can be seen as an energetic reaction against the dogmatic and until very recently rigid structure of institutionalised Christianity and a search for (...) a lived experience of the freedom of the spirit which is held to be the true content of mysticism, obscured in Christianity by the basic dogma of a transcendent God, the ‘wholly Other’ of Rudolf Otto and his numerous followers, but wholly untrammelled by any such concept in the higher reaches of Vedanta and Buddhism, particularly in its Zen manifestation. On the academic side the picture is less clear. There is, of course, the claim that the study of religion, like any other academic study, must be subjected to and controlled by the same principles of ‘scientific’ objectivity to which the other ‘arts’ subjects have been subjected, to their own undoing. But even here there would seem to be a bias in favour of the religions of India and the Far East as against Islam, largely, one supposes, in response to popular demand. (shrink)

Although scholars have expended increasing efforts over the last twenty years or so in either detecting or establishing large structural and thematic units within Ovid's perpetuum carmen, little attention, as far as I am aware, has been directed towards the evident care taken by Ovid in his arrangement of material within individual episodes, and the resultant over-all structure of those episodes. The aim of the present paper is to focus attention upon a single episode to which Ovid seems to have (...) paid particular attention in these respects. I refer to the long story of Phaethon, which occupies the last part of book 1, and most of the first half of book 2, of the Metamorphoses, and intend to explore two different lines of approach in examining the structure of this episode. (shrink)

Hawthorne and Magidor's criticisms of the model of presupposition and assertion that I have used and defended are all based on a rejection of some transparency or introspection of assumptions about speaker presupposition. This response to those criticisms aims first to clarify, and then to defend, the required transparency assumptions. It is argued, first, that if the assumptions are properly understood, some prima facie problems for them do not apply, second, that rejecting the assumptions has intuitively implausible consequences, and third, (...) that the 'margin of error' argument against the principle of positive introspection has a false premiss. The paper concludes with a response to a criticism of what Hawthorne and Magidor call 'the uniformity principle' that is used in the model to explain some pragmatic phenomena. (shrink)

The aim of this study was to test red - green dichromats' ability to discriminate between illuminant and surface-reflectance changes in natural scenes. Stimuli were simulations of natural scenes presented on a colour monitor with 10-bit resolution per gun. The natural scenes were obtained with a fast hyperspectral imaging system. Six different scenes (including rocks, foliage, and buildings) were tested. In each trial, two images were presented in sequence, each for 1 s, with no interval. The images differed in the (...) phase of daylight on the scene: first with correlated colour temperature 25 000 K, then 6 700 K. The spectral reflectance of a region in the second image was changed randomly, consistent with a local change in daylight. The observer's task was to decide whether a particular surface in the successive images was the same (pure illuminant change) or different (illuminant change with a surface-reflectance change). The performance of four deuteranopes and five protanopes varied considerably across the scenes tested, with mean colour constancy indices (± 1 SEM) of 0.48 (± 0.13) and 0.19 (± 0.10), respectively (1.0 representing ideal performance). Deuteranopes seemed less disadvantaged than protanopes, performing close to normal with some scenes. (shrink)

Advances in transplantation have extended the life and relieved the suffering of thousands of individuals. The prospect of being able to use tissues from embryos, as well as from anencephalic newborns, offers the promise of further relief of suffering. However, these possibilities raise significant moral and public policy issues. The question arises of the extent to which those who disapprove of abortion may make use of tissues derived from abortion in order to treat serious diseases. This essay argues that, with (...) proper safeguards, such tissue can be used without cooperating in abortion. That is, even those who oppose abortion can benefit from the use of tissue procured during abortion. Questions also arise regarding the probity of maintaining a pregnancy in order to produce an anencephalic newborn whose biological existence will be maintained so as better to secure organs once death is declared. It is argued that, since no harm can be done to a being that has neither a sense of self or the capacity to feel pain, and since women have a right to forego abortions, there is no legitimate ground for opposing women's seeking meaning in their pregnancy through maximizing the opportunity of others to use the organs of their anencephalic newborn once death has been declared. Finally, it is argued that, since the capacities for sentience, a minimal condition for personhood, are never realized by an anencephalic, the entity has never been alive as a person. Therefore, there should be no opposition in principle to aborting anencephalics nor, after proper declaration, to making their organs available as one would after whole-brain death, despite the continued functioning of the brain stem. (shrink)